Focus On All DMA Crosses That Glitter; KRW Outperforms On Samsung Earnings Beat

USD/Asia played catch-up with post-FOMC market moves and declined broadly, even as several of them saw golden crosses materialise, while greenback weakness moderated. KRW led gains on the back of local developments, while liquidity in the Asia-Pac region was sapped by market holidays in Japan & Malaysia.

• KRW: The combination of continued improvement in business confidence & Samsung profit beat was a shot in the arm for the won, giving it an edge over regional peers & pushing USD/KRW to two-month lows. Sentiment among manufacturers surged to a decade-high, nearing the 100 breakeven mark.
• CNH: Offshore yuan went bid despite a slightly softer than expected PBOC fix, which came 8 pips above sell-side estimates. USD/CNH slipped to its worst levels since early March.
• IDR: USD/IDR re-opened sharply lower, but trimmed losses thereafter. The rate found itself at technical crossroads, as it formed a head and shoulders pattern, but seemed poised to complete a golden cross within the coming sessions.
• PHP: USD/PHP did form a golden cross, but faltered nonetheless, despite Wednesday's decision from Pres Duterte to extend lockdown measures in the capital region through May 14, despite calls from local mayors to ease some restrictions.
• THB: Another golden cross was formed by USD/THB and yet the baht was among best performers in the region. Local coronavirus matters continued continued to take centre stage, with the national Covid-19 task force due to discuss fresh restrictions today.
• SGD: The Singdollar round tripped from fresh two-month lows vs. USD after MAS said Wednesday that Singapore's economy will likely grow more than 6% Y/Y this year. BBG reported that Singapore-based Olam Food Ingredients plans to buy U.S. spice manufacturer Olde Thompson for $950mn.
• HKD: HKMA issued its post-FOMC statement noting that HKD exchange rate & interest rates remain steady, while local money markets are operating smoothly.